Market Trends Category
May 2010 Jobs Report Gives A Temporary Boost To Home Affordability
June 4th, 2010 categories: General, Jobs
On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls data from the month prior.
The release is more commonly called “the jobs report” — a major factor in mortgage rates and monthly payments.
Especially now.
With the recession officially over and growth returning to the U.S. economy, the recovery’s next frontier is jobs. As job growth increases, home affordability should take a hit. Here’s why:
- As the number of working Americans increases, so should total consumer spending
- As consumer spending increases, so should a return to risk-taking on Wall Street
- As risk-taking returns to Wall Street, bond markets should start to lose
Mortgage rates, therefore, should rise.
| Discussion: No Comments »
Pending Home Sales Data Shows Great Deals On Homes Are Getting Harder To Find
June 3rd, 2010 categories: Pending Home Sales
The Pending Home Sales Index shot higher in April as low mortgage rates and a soon-to-expire federal tax credit spurred home buying in Farragut and across the county.
A “pending home sale” is a home that’s under contract to sell but not yet closed.
Region-by-region, April’s pending home sales varied versus March’s data:
- Northeast Region: +29.5%
- Midwest Region : +4.1%
- South Region : -0.6% (after a +15.9% posting in March)
- West Region : +7.5%
On an annual basis, the Pending Home Sales Index is higher by 22 percent.
| Discussion: No Comments »
Case-Shiller Shows Home Price Improvement In 90% Of Cities
June 2nd, 2010 categories: Case-Shiller Index
Standard & Poors released its Case-Shiller Index Tuesday. The index is a monthly home valuation report from select cities and among the private sector’s most popular home pricing models.
In reviewing the April Case-Shiller Index and its accompanying analysis, it appears that the housing market’s rebound is gathering momentum.
| Discussion: No Comments »
Knoxville Homeowners Is Now The Time To Refinance??
May 27th, 2010 categories: Adjustable Rate Mortgages, FHA Mortgages, Household Finances, Mortgage Rates, Sellers
Because of strife in Greece, Spain and North Korea, conforming mortgage rates are back to all-time lows. They’re at levels not seen in 50 years. For homeowners that missed the Refi Boom of November 2009, it’s a second chance.
In this well-presented, 3-minute video from NBC’s The Today Show, you’ll get tips getting low rates and choosing the best time to lock in.
Some of the topics covered include:
- Why were the experts wrong about rates moving higher this summer?
- How much money can you save with a 1 point drop in your interest rate?
- Should you buy a bigger home now that rates have fallen?
The advice in the piece is matter-of-fact and centered. There is no cheerleading and the message is honest. Mortgage rates are low and they likely won’t stay that way. If you’ve been thinking about a refinance, talk to your loan officer as soon as possible.
| Discussion: No Comments »
Home Supplies Tick Higher In Knoxville And Around The Country
May 27th, 2010 categories: Buyers, Existing Home Sales, Home Values, Market Trends, Mortgage Rates
Creating An Opening For Today’s Knoxville Home Buyers
Sales of existing homes rose in April, buoyed by an expiring home buyer tax credit and exceptionally low mortgage rates.
As compared to March, April’s Existing Home Sales rose by 410,000 units nationwide — the second straight month of large gains. An “existing home” is a home resold by a prior owner (i.e. not new construction).
It’s a solid report for housing overall, with rising sales suggesting that the real estate market’s recovery is ongoing. However, the data presented a mixed message.
According to the National Association of Realtors®, although the number of homes sold ticked higher in April, so did the supply of existing homes for sale, too.
Sellers are now listing homes faster than buyers can buy them.
After adding another 0.3 months of supply in April, resale home supply is nearly two full months larger than at November 2009’s low-point. This put downward pressure on home prices.
| Discussion: No Comments »
Home Price Index Rises 0.3% in March 2010
May 26th, 2010 categories: Home Price Index, Market Trends, Mortgage Guidelines, Mortgage Rates, Sellers, West Knoxville Neighborhoods
Are Prices Moving Up In Knoxville?
Home values rose in March, according to the Federal Home Finance Agency’s most recent Home Price Index. Values were reported higher by 0.3 percent, on average, from February.
We use the phrase “on average” because the Home Price Index is broad-reaching, national housing statistic. It ignores the dynamics of neighborhood real estate markets like Montgomery Cove as well as citywide markets like Farragut , too.
Instead, the Home Price Index focuses on state and regional statistics.
For example, in March 2010 as compared to February:
- Values in the East South Central region rose 2.5%
- Values in the Mountain states rose 1.1%
- Values in the Middle Atlantic states fell 1.0%
Of course, none of this data is especially helpful for today’s home buyers and sellers.
| Discussion: No Comments »
Shadow Inventory…What Is it?? Part 1 of 3
May 25th, 2010 categories: Foreclosures, HARP, Knoxville Short Sales, Market Trends, Sellers
Will The Shadow Inventory Help The Real Estate Market In Knoxville??
Will It Increase Short Sales In Knoxville??
The real estate market in Knoxville seem to be improving somewhat?? But there is something out there that could increase Knoxville Loan Modifications as well as the number of Knoxville Short Sales. It is what is known as the “Shadow Inventory”? What is it? How will effect the Knoxville real estate market and markets around the country. Will there be more short sales in Knoxville and around the country. These are the things we will explore in this 3 part series.
In recent months, aspects of the real estate market have seem to have stabilized. Homes sales and prices have been increasing, partially to be credited to the First Time Home Buyer’s Tax Credit that ended on April 30, 2010.
| Discussion: No Comments »
Your Mortgage Approval Isn’t Final Until It’s Funded…
May 14th, 2010 categories: Adjustable Rate Mortgages, Existing Home Sales, FHA Mortgages, Market Trends, Mortgage Guidelines, Mortgage Rates, Pending Home Sales
Every Been To A Dry Closing??
That is where the loan doesn’t get funded at the time of the closing. We are seeing it more and more here in Knoxville at closing.
A mortgage approval is never final until it’s funded.
A host of things can “go wrong” while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today.
MSN Money ran a summary piece on the topic titled “10 Things That Can Kill A Home Loan“.
It’s an excellent article because, unlike most “get approved” articles that advise against things like buying a car before closing, or opening a bunch of new credit cards, the MSN Money piece addresses more uncommon factors that can lead to a similar loan turndown.
| Discussion: No Comments »
Relocate America’s Top 100 Places To Live..Knoxville TN Does It Again!! (2010 Edition)
May 12th, 2010 categories: Rankings, Statistics
Relocate To Knoxville TN BIG Orange Country!!
Once again just like we did in 2009 Knoxville TN was picked by Relocate America as one of the BEST Places to Live
Relocate America recently released its 2010 list of Top 100 Places To Live In America. The rankings are topped by some cities you may expect, and some you may not.
| Discussion: No Comments »
Are You A Knoxville Home Owner With Mortgage Troubles??
April 30th, 2010 categories: Buyers, Foreclosures, Knoxville Short Sales, Market Trends, Mortgage Guidelines, Sellers
So what do I do sell my Knoxville home on a short sale, loan modification….which is best
So your a Knoxville home owner..You are having a tough time making the mortgage payments on your Knoxville home.. You are not alone… So what do you do?? You have heard about all the solutions out there for you, researched them on the internet. Should I sell my Knoxville home using a short sale because I owe more on it than it is worth? How about a loan modification how does that work.. Will my lender even work with me if I choose to sell my using a short sale? How about a deed-in-lieu instead of my home being foreclosed on by my lender..How does that work?? What if I have 2 mortgages on my home??
| Discussion: No Comments »
